Core Viewpoint - The report from Huazhong Securities indicates that Zhaoyi Innovation's net profit attributable to shareholders for the first half of 2025 reached 575 million yuan, representing a year-on-year increase of 11.31% [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders was 341 million yuan, showing a year-on-year growth of 9.17% and a quarter-on-quarter increase of 45.27% [1] - The growth in profit is attributed to the implementation of consumer subsidies and the steady release of demand in consumer terminals, alongside the ongoing development of AI driving demand in PC, server, and automotive electronics sectors [1] Product Demand and Revenue Growth - In the Flash product segment, the demand in the consumer sector saw significant growth in the first half of 2025, driven by consumer subsidies and the peak consumption season in Q2 [1] - The continuous upgrade of NOR Flash storage capacity in mobile screens, AIPC, and servers has also contributed to the revenue growth in the Flash business [1] Chip Segment Performance - In the sensor chip segment, the company maintained relatively stable revenue year-on-year in the mobile market [1] - The revenue from analog chips experienced a year-on-year increase of over 450%, significantly boosted by the acquisition of Suzhou Saichip, leading to substantial growth in analog chip revenue [1] Investment Rating - The report maintains a "Buy" rating for the company [1]

华安证券研报指出，兆易创新2025年上半年归母净利润5.75亿元，同比增长11.31%，对应2Q25单季度 归母净利润3.41亿元，同比增长9.17%，环比增长45.27%。受益于消费类国家补贴政策的实施，消费终 端需求稳步释放，同时AI的发展持续拉动PC、服务器、汽车电子等领域需求增长。Flash产品方面， 2025年上半年，在消费国补及第二季度消费旺季等因素催化下，消费领域需求增长明显。同时，手机屏 幕、AIPC及服务器中NORFlash存储容量的不断升级也拉动了Flash业务收入的增长。传感器芯片方面， 公司在手机市场持续深耕，营收同比保持相对平稳。模拟芯片方面，公司原有模拟芯片收入实现同比超 过4.5倍的增长，加之收购苏州赛芯的影响，公司模拟芯片收入同比实现大幅增长。维持"买入"评级。 ...